By Markus Brunnermeier
Introduced in 1999 via CEPR and the foreign middle for financial and Banking reports, the Geneva experiences at the global economic system sequence includes an annual document, written through a group of internationally-known macroeconomists, and low exact reviews.
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Additional info for The Fundamental Principles of Financial Regulation: Geneva Reports on the World Economy 11
Example text
The regulation should be particularly effective for bubbles whose bursting might adversely affect the financial intermediation sector. While the bursting of the technology bubble in the early 2000s caused a lot of localised disruption, it bears no comparison to the turmoil which the bursting of the credit and housing bubble has caused. The big difference between them was that the technology bubble did not severely damage the lending sector. Said differently, it is important to determine whether a current funding and credit expansion is sustainable or subject to sudden reversals, with detrimental consequences for the economy.
2. e. tough during a credit boom and more relaxed during a crisis. We propose a laddered response to ensure a prompt resolution of emerging problems before they can spill over to the wider financial system. 3. To ensure strict adherence and implementation of such rules, it is important to put an incentive structure for regulators in place and guarantee their independence from political and lobbying pressure. 1 Focus on Systemic Risk Spillovers Capital charges should focus on the risk spillovers an institution causes, or is correlated with, rather than simply the institution's individual risk.
The risk-spillover measure should determine whether a firm needs macro-prudential regulation (group 1 and 2) or not (group 3 and 4) and influence the extent of the capital and liquidity charges. For example, an insurance company like AIG that sells credit default swaps (CDS) on a large scale belongs to group 1 instead of 3. Each year, and on the occasion of each major market event, the relevant regulators and supervisors should, as a matter of course, draw up a list of which financial institutions they consider to be 'systemic', and share such information with other supervisors.
